昊华能源2025年中报简析：净利润同比下降47.82%

Financial Performance - The company reported a net profit of 448 million yuan for the first half of 2025, a decrease of 47.82% year-on-year [1] - Total operating revenue was 4.395 billion yuan, down 7.17% compared to the previous year [1] - In Q2 2025, operating revenue was 1.859 billion yuan, reflecting a decline of 19.95% year-on-year, while net profit for the same period was 172 million yuan, down 57.84% [1] Profitability Metrics - The gross margin decreased to 33.26%, a drop of 34.43% year-on-year [1] - The net profit margin fell to 12.25%, down 53.43% compared to the previous year [1] - Earnings per share (EPS) decreased to 0.31 yuan, a decline of 48.33% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 483 million yuan, accounting for 10.98% of revenue, a slight decrease of 1.52% year-on-year [1] - Operating cash flow per share was 0.73 yuan, down 57.86% year-on-year [1] Balance Sheet Highlights - The company’s cash and cash equivalents decreased to 4.872 billion yuan, a decline of 3.95% year-on-year [1] - Accounts receivable increased significantly to 30.4925 million yuan, up 83.66% year-on-year [1] - Interest-bearing liabilities decreased to 9.651 billion yuan, down 9.34% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) was 7.44%, indicating average capital returns [3] - The historical median ROIC over the past decade was 6.47%, suggesting weak investment returns [3] - The estimated dividend yield for the company is 4.14% [3] Fund Holdings - The largest fund holding in the company is Wanji Macro Timing Multi-Strategy Mixed A, with 7.65 billion yuan in assets and a recent net value of 2.3498 [4] - Other funds have shown varied changes in their holdings, with some increasing and others decreasing their positions in the company [4]